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Annual Financial Report 12/31/1985
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Annual Financial Report 12/31/1985
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5/19/2014 11:26:18 AM
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Audit
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Annual Financial Reports
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Annual Financial Report
Date
12/31/1985
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1985 <br />Note 8 - CONTINGENCIES <br />The City attorney has indicated that existing and pending lawsuits, claims and <br />other actions in which the City is a defendant are either covered by insurance; <br />of an immaterial amount; or, in the judgment of the City attorney, remotely <br />recoverable by plaintiffs. <br />Note 9 - FEDERALLY ASSISTED PROGRAMS - COMPLIANCE AUDITS <br />The City receives financial assistance from federal and state governmental <br />agencies in the form of grants and the federal revenue sharing program. The <br />disbursement of funds received under these programs generally requires <br />compliance with terms and conditions specified in the grant agreements and is <br />subject to audit by the grantor agencies. Any disallowed claims resulting from <br />such audits could become a liability of the applicable fund. However, in the <br />opinion of management, any such disallowed claims will not have a material <br />effect on any of the financial statements of the individual fund types included <br />herein or on the overall financial position of the City at December 31, 1985. <br />
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